3 Reasons Why SOL Killed ETH & Why Solana Price Is Going to $1000

Solana (SOL), also known as Ethereum-killer, has been an investor favorite for a few months now for multiple reasons. The key reason is faster and more affordable transaction fees than Ethereum. This critical reason onboarded many investors, both retail and institutions alike, to the Solana network in the past three years. Additionally, the meme coin explosion further helped make SOL’s case. As a result, the Solana price has skyrocketed 2,500% between late 2022 and early 2024. The recent polls conducted by a popular crypto influencer coupled with other data points show that the former has fulfilled its job of being an Ethereum competitor or killer. To top it off, analysts are expecting SOL price to nearly 10x from the current level and hit the triple-digit territory. 

3 Reasons Why SOL Has Overtaken ETH & Solana Price Will Skyrocket

The meme coins coupled with faster and affordable transactions with a few seconds of finality has made Solana the crowd favorite. But let’s explore three more reasons why Solana has killed the competition between SOL and ETH.

Solana’s Developer Surge Outpaces Ethereum

Solana price has experienced a remarkable surge in developer interest, positioning it as a strong rival to Ethereum. Founders’ preference for building on Solana nearly doubled this year, climbing from 5.1% in 2023 to 11.2% in 2024. 

This shift in sentiment highlights the growing appeal of Solana’s fast and scalable network as more developers seek platforms that offer efficiency and lower costs. The rising interest in Solana’s ecosystem indicates it may be increasingly favored over Ethereum for new projects.

🚨 BREAKING: Founders’ interest in building on @Solana has nearly doubled this year, growing from 5.1% to 11.2%. pic.twitter.com/LBHo2vEPxQ

— SolanaFloor (@SolanaFloor) October 16, 2024

Investors Shifting Portfolios Away From Ethereum

Solana is increasingly becoming the preferred choice for crypto investors, overtaking Ethereum in portfolio allocation. According to a recent poll with 9,583 participants, 55% of respondents revealed that they do not hold any ETH in their portfolios. 

In contrast, only 11% of those surveyed reported having allocated 50% or more of their portfolio to Ethereum. This reflects a significant shift in investor sentiment, with many choosing alternative assets over Ethereum. 

SOL Dominates Blockchain Usage Over Ethereum

Solana has emerged as the most popular blockchain among users, surpassing Ethereum in usage. In a recent poll on X post with 12,479 participants, 53.4% of respondents stated that Solana was the most frequently used chain over the past six months. Meanwhile, Ethereum lagged, with only 34% of users reporting ETH as their primary chain during the same period.

Solana Price Analysis Hints $1,000 SOL: Analyst

A crypto analyst has made bold on the SOL price prediction regarding the future, forecasting that the altcoin could soar to as high as $500-1000. The analyst’s analysis assumes favorable macroeconomic conditions, including a potential Trump election victory and a “soft landing” in the economy. He believes these factors could drive the entire crypto market to new heights.

Analysts also provided projections for other major cryptos, estimating that Bitcoin could reach between $100,000 and $200,000, while Ethereum might hit $4,000 to $6,000. As of today, most of the crypto market today is trading slightly bullishly, with others experiencing a market decline.

Not usually one for price targets so I’ll give price ranges for the end of the cycle assuming we get Trump win + soft landing.$BTC: $100-200k$ETH: $4-6k$SOL: $500-1000

Total Crypto Market Cap: $5-10tn

Leg 2 is beginning. Time to lock in. pic.twitter.com/ZQPVsGXzoX

— Eugene Ng Ah Sio (@0xENAS) September 29, 2024

The latest SOL price is trading at $151, while the value of ETH is hovering above $2,600 with slight market corrections.

Solana Price Chart| Source: TradingView

Crypto analysts are increasingly optimistic about Solana’s future, predicting significant growth. With rising developer interest, shifting investor sentiment, and increased blockchain usage, Solana outperforms Ethereum. These trends suggest Solana could be poised for a price surge, possibly reaching $1,000 soon.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.